We are pleased to provide you with the latest edition of the KCS Fireside Chat series. This article is titled, “DC Plan Participants Speaking Up”, and boy are they! Just when corporate America thought that they were reducing the company’s liability by freezing / terminating the DB plan, plan participants in defined contribution plans are reminding them that there is still significant liability to be had. Don’t be fooled into thinking that these DC lawsuits and DOL audits only occur in large entities. DC audits have been know to be taken on plan’s as small as $1 million in AUM.
If you haven’t rebid your platform provider / record keeper within the last 5-7 years, you are a prime candidate for an audit.
We hope that you find the thoughts from Dave Murray, KCS’s DC Practice Leader, useful and compelling. Please don’t hesitate to call on us if we can assist you in making sure that you and your DC plan are prepared for an audit. A little time and money invested today, can save you a lot of both in the near future.
Be well, and thank you for your on-going support.